Ukraine’s Big Business Contributes Significantly to State Budget in H1 2024

by Roman Cheplyk
Thursday, July 4, 2024
Ukraine’s Big Business Contributes Significantly to State Budget in H1 2024

In the first half of 2024, large taxpayers in Ukraine significantly boosted the state’s revenue, paying almost UAH 243 billion into the general fund of the State Budget

This figure represents a substantial increase compared to the same period in 2023.

Key Highlights:

  • Total Contribution: Large taxpayers contributed UAH 242.9 billion from January to June 2024, which is an increase of 1.7 times or UAH 102 billion more than the corresponding period in 2023.
  • Share of State Budget: These contributions accounted for 40.6% of the total collection to the general fund of the state budget for Ukraine, highlighting the critical role of large businesses in the country’s fiscal landscape.

Breakdown of Tax Revenues:

  1. Income Tax: The income tax collected tripled, increasing by UAH 62.4 billion to a total of UAH 93.5 billion.
  2. Dividends from State-Owned Enterprises: Revenue from dividends accrued on shares in state-owned enterprises more than doubled, rising by UAH 31.4 billion to UAH 58.6 billion.
  3. Value Added Tax (VAT): VAT saw a moderate increase of 3.5%, adding UAH 2 billion to reach a total of UAH 58.3 billion.
  4. Personal Income Tax: There was a 27.5% rise in personal income tax collection, amounting to UAH 14.8 billion, an increase of UAH 3.2 billion.
  5. Excise Tax: The excise tax on goods produced in Ukraine increased by 10.1%, totaling UAH 11.5 billion, up by UAH 1.1 billion.

Social Contributions: The single contribution to mandatory state social insurance amounted to UAH 21.5 billion, which is 25.3% or UAH 4.4 billion more than the same period last year.


The significant increase in tax contributions from large businesses underscores the growing fiscal stability and economic recovery in Ukraine. These funds are vital for the country's continued development and ability to meet its social and economic obligations.

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